Mid-Atlantic Corporate Carves Benefits, Insurance Niche With New CUSO
MIDDLETOWN, Pa. -- Just in time for its annual meeting, Mid-Atlantic Corporate Federal Credit Union has launched Sollievo Group LLC, a new benefits and insurance services CUSO.
Sollievo Group will offer a range of retirement programs including 401(k), executive and defined benefit pension plans and will work with credit unions that are looking to divest those plans, according to the corporate. On the insurance side, Sollievo Group plans to offer credit union bond coverage, directors and officers, commercial and professional liability coverage as well as property and casualty insurance.
Ed Fox, who will retire July 31 as CEO of Mid-Atlantic, will head the new CUSO. The CUSO makes its debut at Mid-Atlantic's annual meeting, which takes place June 18-19.
"I feel very strongly that there is a need for credit unions to have access to fairly priced, structured packages that focus on their specific concerns and challenges," Fox said. "With my retirement from Mid-Atlantic, I now have time to focus on developing this CUSO."
Serious discussions on forming the new entity began in mid-2007, said Leigh Philibosian, senior vice president of marketing at Mid-Atlantic.
"Based on our own experiences with shopping for benefits and insurance, we know it can be confusing, time consuming and costly," Philibosian said. "We knew from feedback from our members that they were looking for a trusted partner to assist them in finding and managing better solutions for their credit unions in these areas."
To start, Sollievo's staff is made up of Fox and two staffers. Because the CUSO is wholly owned by Mid-Atlantic, all of the corporate's intellectual and operational resources will be available as needed, Philibosian said.
Where did the name Sollievo come from? In Italian, Sollievo means relief or comfort, Philibosian explained. The idea is to simplify the process for weary credit unions looking for clear solutions.
"We've heard from many of our members that they get bogged down in the due diligence and review process when exploring benefits or insurance options," Philibosian said. "We want our members to feel comfortable knowing that they're getting packages or coverage at the best price for their credit unions, with the relief of knowing they can count on our representatives to be attentive to their questions and needs. It's all about making their jobs easier."
With other competing vendors out there for credit unions to choose from, Sollievo aims to have an edge in preparing plans that are best suited for its clients.
"Because we are brokering these services, we have the ability to analyze the best options for our members," Philibosian said.
Mid-Atlantic serves 1,200 credit unions, CUSOs, leagues and chapters in all 50 states, the District of Columbia, and Guam.